Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-20-Speech-3-065"
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"en.20070620.3.3-065"2
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"Thank you Mr President, today’s vote is a significant one for Malta, because aside from the important and legitimate arguments that have been put forward regarding when would have been the best time to adopt the euro, there is, notwithstanding, a political consensus and a commitment to ensuring that the changeover happens on 1 January 2008. Once the European Commission has accepted the statistics and methodology put forward by the Maltese authorities, then these will be accepted by all European authorities when the same basis is used by successive governments.
In the next few years, considerable work will have to be carried out on the sustainability of the public finances if the Maastricht criteria are to be complied with. As both the Commission and the European Central Bank have stated, the Maltese Government has, until now, resorted to the one-off sale of public assets, while continuing to add fiscal pressure, mainly on the workers and the middle class. This is not sustainable. The National Committee is doing a good job in preparing for the changeover to the euro, but more has to be done to directly involve consumer representatives in fighting the perception that the euro will lead to a higher cost of living. More basic information needs to be given, including information on interest rates. The ‘FAIR’ initiative, which allows individual businesses to enter into agreement on dual pricing, should be praised. However, currently little more than half of Maltese and Gozitan enterprises have taken part in this scheme. I strongly urge those other businesses that have not as yet joined this initiative to do so, without delay.
Let us make a success of the changeover to the euro, although one must not be fooled into thinking that this will solve the country’s economic problems. The solution to these is to be found within ourselves. In recent years, Malta’s Gross Domestic Product has fallen from 78% to 71% of the European average. The progress registered in this period came mostly from large bank profits and government projects with direct expenditure. This kind of policy will become extremely limited in view of the convergence criteria. Meanwhile, the sectors that ought to be drivers of our economy, such as tourism and manufacturing, have gone downhill. This was clearly proven by the economic and social shock that hit our country yesterday, when 570 persons lost their job in one day, due to the closing down of the VF factory. This is why a national effort is needed that genuinely favours competition in these areas."@en1
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